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Post by Ticket Mouse on Aug 4, 2010 11:09:34 GMT -5
501 W. Tenth Street
Fort Worth, TX 76102
147 U.S. Courthouse
US District Court-Northern District
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sully
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Posts: 13,045
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Post by sully on Aug 4, 2010 14:51:39 GMT -5
I'll play... I've been watching the CBS Live Blog all day waiting for something to happen here. cbs11tv.com/rangers/Texas.Rangers.New.2.1839297.htmlFolks arrived at 8 AM this morning for the auction to kick off at 9. Just as the judge entered the room, the Cuban/Crane (CC) group, and the Greenberg/Ryan (GR) groups walked out with lawyers and judge. They've been in and out all day attempting to qualify each initial bid, but no bid was officially submitted. This dragged on all day. Each party in and out of the courtroom every hour or so. Now, at 2:48 PM, almost 6 hrs after we were supposed to kick off, court is finally in session. We'll see. |
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sully
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Post by sully on Aug 4, 2010 14:57:40 GMT -5
CC group outbid GR group by $25M.
Now we have a starting point. GR group appealed and asked for more time to evaluate bid.
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sully
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Post by sully on Aug 4, 2010 15:01:44 GMT -5
GR group claims the CC groups bid isn't reasonable, claiming they already have MLB approval and cash in hand...
Claims GR bid is certain, and can't place a dollar value on cash vs. finance, and MLB approval.
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Post by Ticket Mouse on Aug 4, 2010 15:05:02 GMT -5
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sully
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Post by sully on Aug 4, 2010 15:14:31 GMT -5
The judge has ruled this bid is valid, and the debtors agree.
GR group has 1 hour to review bid with the debtors and apply any discounts related to financing and approval timelines, then submit a new bid, if they wish.
Recess...
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sully
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Post by sully on Aug 4, 2010 15:17:58 GMT -5
Great dramedy. Take the cash. First rule of asset management, right Sully? Not if someone is willing to pay more...(second rule in asset mgmt). But you have to account for the headache the buyer may cause you. Evan Grant is a bit slow to react. I recommend the CBS blog, or the Twitter feeds on DMN. |
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sully
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Posts: 13,045
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Post by sully on Aug 4, 2010 15:23:22 GMT -5
GR lawyer just cussed out the Cheif Restructuring Officers (CRO) lawyer in the courthouse hallway after leaving the court. Four letter words exchanged both ways before being escorted back to their respective conference rooms.
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Post by P. Marf on Aug 4, 2010 15:32:45 GMT -5
This is intense.
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Post by Ticket Mouse on Aug 4, 2010 15:44:35 GMT -5
3:33: Tim Cowlishaw and Daniel Kaplan report lawyers are dropping f-bombs on each other in the hallway. Now, this I'm sorry I missed.
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Post by Ticket Mouse on Aug 4, 2010 15:50:59 GMT -5
Great dramedy. Take the cash. First rule of asset management, right Sully? Not if someone is willing to pay more...(second rule in asset mgmt). But you have to account for the headache the buyer may cause you. The headache was understood but I probably should have clarified that. I see this all the time...I have several files that have gone through 4, 5, 6, 7 contracts and the listing agent tells me the AM refuses to take a cash contract 20% lower. After 6 contracts you're looking at 8 more months of taxes, hoa dues, and maintaining the house (mowing the grass) not to mention every time you have to get the gas and electricity turned on for an inspection. If these lenders think they're benefitting a whole lot by getting 25M more they have another thing coming. They'll spend at least 5M on attorney fees and pay another 10M in taxes. 10M split however many ways isn't a whole lot. Just take what you can get and get the hell out of there. |
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Post by The River Assassin on Aug 4, 2010 16:07:39 GMT -5
What happened to News Corp.? I thought they were going to make a go at buying the team?
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sully
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Post by sully on Aug 4, 2010 16:18:40 GMT -5
Only 2 bidders had qualified bids/funds. All others dropped out.
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sully
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Post by sully on Aug 4, 2010 16:26:43 GMT -5
Well, no one has seen the actual bid from CC group. GR are back in the court room as clerks, etc start to file back in.
Greenberg joked with media that Cuban is just running interference to delay the process.
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sully
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Post by sully on Aug 4, 2010 16:28:07 GMT -5
Greenberg/Ryan group just got document - that will then take an hour, or couple of hours to review
Judge says he does not know why it took this long
He also says document sent before 8p last night was confirmed as good
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